The Royal Bank of Canada (RBC) will be opening a cybersecurity lab at the University of Waterloo in Ontario. The bank will invest $1.78 million into research to develop cybersecurity and privacy tools.
Online attacks and botnets have become increasingly sophisticated as consumers share more of their personal and financial data. Security teams are often working within legacy hardware systems, across international borders with varying restrictions and are not prepared enough for the post-quantum threat.
The funding will support research in data-driven software, privacy enhancing technology and post-quantum cryptography. It will also focus on CryptoWorks21, an enhanced education programme that researches post-quantum cryptosystems.
Stephen M. Watt, dean of the faculty of mathematics at the University of Waterloo, stated: “This project provides our researchers with what they need to excel and provides RBC with access to Canada’s premiere talent in cybersecurity.
“The area of cybersecurity is highly technical and complex, but is essential for all aspects of modern society. These technologies, from network protection to mathematical cryptography, are central to personal privacy online, safe national infrastructure and trustworthy commerce.”
The funding will support researchers in the David R. Cheriton School of Computer Science and the Department of Combinatorics and Optimisation at Waterloo’s Faculty of Mathematics.